Private banking is about relationships. Julius Baer takes pride in its trusted and close relationships with clients, many of which span multiple generations. Introducing its Global Client Survey last year gave the Bank the opportunity to collect systematic and direct feedback from its sophisticated private clients and intermediaries.
Planning for the future
At Julius Baer’s recent strategy update, the bank painted the picture of a wealth management industry that’s entering a new era, one characterised by an accelerating pace of change in client needs, industry structure, business model economics and the role of technology. Laying out the 2023-2025 strategic cycle, Julius Baer clearly signalled that personal, human connections remain at the heart of all steps to be taken in preparing the Bank for this new era of wealth management.
So far this year, this is happening against the backdrop of major changes in geopolitical realities and macroeconomic data and expectations – all of which impacted financial markets significantly. As always, the Bank has worked proactively and closely with clients to adjust to these challenging times during the first part of 2022. And, with this year’s Global Client Survey set to launch on 1 June, it’s time for those private clients and intermediaries who have not yet been surveyed in 2021 to tell Julius Baer what’s on their minds.
As Sandra Niethen, Chief of Staff, explains: “Last year’s survey gave us valuable insight into ways to develop strategically. Client needs are changing faster than ever, therefore we were happy to see that our positioning and value proposition is in line with our clients’ perception and our efforts to address their specific interests and needs. Nevertheless, we hope that with this year’s survey we can gain further insights on how we can guide them through uncertain times, like the one we are currently facing, while preserving value and limiting losses.”
Lessons learnt so far
Regular and structured surveys provide a further avenue for insight into Julius Baer’s strategic progress. The 2021 results, for example, highlighted that clients want easier access to managing their wealth via digital services, specifically enhanced e-banking and online trading capabilities. Such feedback confirms Julius Baer’s commitment to investing in technology and digital innovation, bringing these two elements together with the world of wealth management.
“Results from the July 2021 survey were very positive and showed that Julius Baer’s focus on strong relationships held up also during the pandemic. The Bank’s excellent reputation as a Swiss wealth manager received numerous mentions, as did the feedback that clients experience Julius Baer as a trustworthy and reliable partner with an outstanding network,” comments Yves Robert-Charrue, Head Region Switzerland and EMEA.
“Clients appreciated the quality of service, advice and support they received from their Relationship Managers. Furthermore, a high interest in sustainability was indicated on the client side, which is reflected in the Bank-wide implementation of the sustainability strategy. This encompasses a responsible wealth management ecosystem with the launch of the sustainability circle – a client community – and both client reporting and the climate strategy.”
Strengthening a culture of feedback
With the Global Client Survey, the Bank formalises its commitment to establishing a feedback loop with clients. It also provides a framework in which clients and intermediaries can see that their input prompts action. Given that their feedback has already proven so impactful, going forward Julius Baer will continue to survey both clients and intermediaries regularly.
“It is in our interest to understand our clients’ needs, also from an angle of product and service enhancement,” says Niklas Loer, Head of the Global Client Team. “The survey results help us to pinpoint trends in client behaviour and address them by shaping the bank of the future, based on preferably as much input from their side as possible. By seeing their suggestions turn into realities, we hope to prompt proactive and direct interaction with an increasing number of clients telling us what they want and expect. Though the impact lies not only in collecting feedback but in acting on it.”
Those clients and business partner that are among the recipients of this years’ survey invitation are thus encouraged and invited to participate in the Global Client Survey for accelerating the change they would like to see in Julius Baer.